continued to find some strong resistance as markets traded sideways with expected recovery in prices not ruled out in coming days. With prices finding strong support at the lower levels, the downtrend may be limited as demand starts rising in mandis. Sources indicate rates have fallen to low levels over last few weeks and further fall may be limited as domestic and export demand rise.
Chana traded with high volatility with moderate firmness even as profit booking at the higher levels limited the uptrend. Pick up in demand ahead of the Festive season in coming months in mandis supported the prices. Availability of chana is falling in Jalgaon, Gulbarga and Akola apart from Rajasthan, MP and Maharashtra. As per traders, fall in stocks is seen gradually and moreover, there is much time for new crop arrival. Daal mills demand is also likely to increase in coming days.
Soya oil demand in the retail markets shown moderate improvement in last couple of days, amid bullish cues from US markets. However the gains are however capped because of persistent weakness in palm oil.
Overall, the global supply outlook for soybeans in 2015/16 remains positive, notwithstanding the recent downward revisions. So the upward trend in soy complex should be short lived logically. Kharif planting is likely to be over by mid-August in most areas, excepting for some rice production areas in southern India. However, deficient monsoon rains over the next two weeks in western and peninsular regions could affect the production prospects, particularly for coarse grains and pulses in the rainfed areas. Further dry weather in the southern peninsula may also affect rice planting in Andhra Pradesh and Tamil Nadu, where transplanting continues through early September
SOYABEAN : -Overall, the global supply outlook for soybeans in 2015/16 remains positive, notwithstanding the recent downward revisions. So the upward trend in soy complex should be short lived logically. Kharif planting is likely to be over by mid-August in most areas, excepting for some rice production areas in southern India. However, deficient monsoon rains over the next two weeks in western and peninsular regions could affect the production prospects, particularly for coarse grains and pulses in the rainfed areas. Further dry weather in the southern peninsula may also affect rice planting in Andhra Pradesh and Tamil Nadu, where transplanting continues through early September.
RMSEED : -As per SEA’s latest data the overall export of mustard meal during July 2015 stood at 0.08 lakh tons versus 0.87 lakh tons in July 2014. Global rapeseed ending stocks could plunge to 3.4 million tons in 2015/16, a 12-year low, as stated in August USDA report. Further reductions of 2015/16 rapeseed yields for the United Kingdom, Czech Republic, and Romania cut forecast EU production by 300,000 tons this month to 21.1 million. EU rapeseed imports will not compensate for these lost supplies, however. Also this month, a lower area estimate trimmed Ukraine rapeseed production 100,000 tons to 1.7 million and led to an equivalent decline in the forecast of 2015/16 exports to 1.4 million tons. Lower supplies for major rapeseed exporters such as Ukraine may restrict EU imports for 2015/16 to 2.2 million tons from 2.3 million in 2014/15. An inability to make up the EU supply deficit with imports and further stock reductions would then curtail rapeseed processing.
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